PKN Re-Brands Las Vegas Project, Las Royales
Sawya.com - 24 June 2008
In the wake of the overwhelming success of the launch of our project, PKN Chairman, Max Paxima, has announced that PKN Group and its Investment Consortium have tendered an offer to purchase the equity interest of the Government ofAjman.
The announcement came hours after the buy out offer was accepted, and this will give PKN and its partners,shareholders and investors an open platform to promote what has turned into one of the most sensational resort communities in the region. As a result of the promotional launch, PKN was empowered by public demand to unleash a bold new promotional initiative and to drive the value of the project higher through its star power and Las Vegas Entertainment concept.
Current clients will be forwarded an addendum to their existing agreements to transfer their rights without delay or charges to the newly Rebranded " Las Royales Resort and Spa" therefore retiring the Princess Brand.
This new Brand , Las Royales Resort and Spa, has already been ratified by the PKN Board, and will enter into other exciting community developments in the region and around the world. The Las Vegas appeal and sizzle that has propelled PKN to be one of the most sought after developers, will continue to rival each market its brand is present.
Las Royales has adopted the exact same architectural concept and construction specifications and therefore no interruptions or delays will impede the rapid progress the construction teams on site are currently enjoying.
News about new Board member appointments will be announced on the updated web site: www.Lasvegas-Uae.com on or before July 10th,2008.
"Now that we have free entrepreneurial control of the construction and promotion of this unique luxury entertainment community, the Las Royales name will echo around the world as the forum of choice for world class entertainment catering to the affluent " said Paxima.
"We are all truly excited about this new alliance, and now that the Government has agreed to transfer their interest to PKN, we are grateful for their encouragement and support and will always consider Ajman as the real home of PKN.
"PKN will also be announcing other exciting development opportunities in the coming weeks, and we thank all of our customers for their support."
"After all, its was through their initial confidence in our projects concept that allowed us to evolve and to acquire, finally, controlling interest on the site." he added.
Ajman's vision of becoming tourism and realty destination brought closer to fruition through multi-purpose project.
(Sunday, February 10 - 2008 at 12:05)
The property development projects in Ajman's booming real estate market are likely to drive growth in the tourism industry and promote the Emirate as a niche residential and tourism destination.
- The Emirate has announced a series of real estate and tourism
infrastructure projects.
- Ajman is executing new projects with a total cost of Dhs5.55 Billion.
- Young emirate that has approached the property development
investment in a systematic and well- planned manner.
- Promising and burgeoning property market with proven potential
to compete with the region's most matured markets.
(Said Eng. Azad Nouri, General Manager of the Ajman Marina project)
- The emirate allocated Dhs 1.380 Billion for infrastructure.
- Included Dhs 580 Million for the developing of government
complexes and the construction of roads, lights and five bridges.
- In addition to the Dhs 800 Million sewerage systems to process
500 thousand cubic metres of sewage into irrigation-quality
water every day.
- The emirate's free zone status and the easy access to commercial
locations will also be an advantage.
- The 25 hectare Marina project is bound to fit perfectly with the
emirate's giant strides in infrastructure, roads, services
improvements, telecommunications, ports and free zones.' (Eng. Nouri added)
Ajman outshines other emirates on foreign direct investments
www.zawya.com - March 18, 2008
- Foreigners now owning 33% of development projects established
in the booming city compared to 11% in the other emirates.
(By the Ajman Chamber of Commerce & Industry)
- Economic analysts estimated Ajman's annual investment growth
rate at an average of 6.7%.
- Ajman is only second to Dubai in adopting the free-hold status.
- The Investment drive in Ajman enjoys full legal and legislative
protection with laws being constantly updated for the common
benefit of investors.
- Last year, Ajman launched urban developments worth AED 580 Million
in addition to AED 174 Million worth of maintenance services together
with infrastructure projects, the latest of which is a sanitary water
treatment plant worth AED 800 Million.
Hyder ACLA named masterplanner for AED 1.8 billion
development in Ajman
www.zawya.com - March 25, 2008
- Hyder ACLA has been appointed masterplanner of the AED 1.8
Billion Escape development.
- 200-acre equestrian-themed mixed-use community is seen as being
a key part of Ajman's ongoing drive to become a global destination.
- Development will feature several multi-purpose sports facilities and
an indoor arena offering basketball, squash, volleyball courts, along
with an outdoor tennis court and facilities for jogging, biking and, of
course, horse riding.
- 500 villas, 16 apartment buildings and a number of landscaped
gardens, terraces and balconies. The equine facilities will
accommodate 200 horses housed in specially designed barns and
will include a rehabilitation centre for horses.
- Hotel will feature 150 rooms and eight suites, and will be the first
equine-themed hotel in the world.
- Located on the Emirates Highway on the Ajman-Sharjah border &
to be completed in 2010.
Ajman Freehold Law soon
By Parag Deulgaonkar (Business 24/7 - Thursday, May 08, 2008)
A law allowing freehold ownership of properties in Ajman and
making escrow accounts mandatory for all developers will be issued
by the emirate next month, according to the head of Ajman Holding.
Launching the Dh1.5 billion The Boulevard project in Ajman,
Sheikh Abdul Aziz bin Humaid Al Nuaimi, Chairman of Ajman Holding,
said: "The Ruler will be issuing a decree to announce a freehold law
in the emirate in a month's time, which will contain clauses related
to the escrow account.”
Despite the absence so far of any law in Ajman granting the right of freehold ownership to non-UAE nationals, a number of developers in
the emirate have nonetheless been marketing projects to purchasers
as freehold properties.
An estimated Dh 400 billion worth of projects have been launched in
the emirate claiming to have freehold titles. In June 2007, Dubai
announced its Escrow Account Law, which applies to developers selling "off plan" units and receiving payments from purchasers or mortgages
against such units.
